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Closing Gold & Silver Market Report – 7/28/2011

EXECUTIVES PRESSURE WASHINGTON ON DEBT DEAL; MOODY’S WARNS OF DOWNGRADE CONSEQUENCES

Pressure to come up with an agreement on raising the federal debt limit is being put on Washington lawmakers by the top executives from some of the country’s most prominent financial institutions. In a letter released today, executives from Goldman Sachs, JPMorgan Chase, and Bank of America cautioned that the consequence of not raising the debt ceiling by the August 2nd deadline “would be very grave.” The letter also warned that a default by the U.S. and any credit rating downgrades would damage the confidence of investors and raise interest rates for anyone who borrows.

Moody’s Investors Services is warning that a downgrade of the U.S.’s AAA credit rating could result in a similar cut to the Aaa rating of a large number of other organizations including local state governments, school systems, housing programs, and at least one university. In all, 177 entities have been placed on a ratings review by Moody’s, with the agency stating, “In the event the U.S. government's Aaa rating is downgraded, Moody's will determine the outcome of each review by evaluating the strength of the sovereign linkages to each affected credit, including direct and indirect reliance on federal spending, sensitivity to deteriorating macroeconomic conditions and vulnerability to disruptions in the financial markets."

At 5:15 pm (CT), the APMEX precious metals spot prices were:

  • Gold - $1,618.10 – Up $2.90
  • Silver - $39.85 – Down $0.01
  • Platinum - $1,790.10 – Down $17.90
  • Palladium - $831.70 – Down $3.50

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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